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Published 19 Apr 2023

Best Risk Management Software of 2023

manager performing risk management using tablet device

What is Risk Management Software?

Risk management software is a tool that businesses use to identify, assess, and proactively manage operational risks. With the use of this tool, companies can recognize potential vulnerabilities, analyze them, provide safety-nets in case of crises, and identify further growth opportunities. Through a data-driven approach, risk management software helps industry leaders make decisions in real-time with high-level accuracy.

Common Features of Risk Management Software

Each business in every industry has a particular set of requirements when it comes to using third-party tools such as risk management software. Although their specifics can vary based on the primary reason of using the software and the needs of the organization, the main purpose of a risk management software is to establish the first lines of defense against potential risks and their possible impact. Here are the core features that a risk management software should have:

Risk Identification

Risk identification is one of the first steps to complete in the process of risk management. This is the ability to recognize and determine that a particular scenario, process, or system can potentially prevent a business from operating normally.

Risk Assessment

With risk assessment, businesses can evaluate the risks based on predefined factors agreed upon by individual business units. Risk assessments also let users assign simple risk ratings that measure the potential impact of risks or hazards to the business.

Risk Prioritization

After assessing the possible impacts of identified risks, the next step is risk prioritization. This is the process of determining which of the risks should be acted upon or addressed first. Using a risk register, businesses can prioritize risks based on the level of severity, frequency, and probability.

Issue Management

Aside from the main risk-related activities, softwares should also be able to ensure that all the issues found and risks identified are accounted for and acted upon. Issue management lets businesses visibly achieve that.

Monitoring and Dashboards

Risk management software should have an analytics dashboard where users can visually monitor and consistently see the progress of the listed risks. With the help of this feature, businesses can easily observe whether the implemented measures are effective or need further improvement.

Alert System

Risk management software should also ideally have an internal alert system where specific team members are automatically alerted about risks, or manually notified using in-app communication features.

Regulatory Compliance

Aside from risk-focused capabilities, risk management software should also help businesses monitor, track, and ensure compliance with various regulatory requirements and other internal standards. This helps avoid potential risks or negative impacts brought by non-conformance of members or organizations.

Centralized Location

With the amount of data collected in risk management, it is essential to have them all in one safe and centralized location. This helps ensure that every risk is assessed in a standardized manner, and all information is secured and easily accessible when needed.

Benefits

Using a risk management software equips businesses to proactively identify risks before they even emerge. Being one step ahead of attackers or unforeseen events gives organizations the advantage of avoiding the risks altogether, or at least lessening their impact on business operations. Below are a few other benefits of utilizing a risk management software:

  • Prioritize risks accordingly – Using a modernized system in managing risks helps standardize the process of identifying, analyzing, assessing, and mitigating risks according to the level of risk severity and other factors.
  • Recognize indicators of future risks – In addition to the current risks faced by organizations, collected historical data can also be used as a guide in identifying potential risks in the future.
  • Practice a risk-aware culture – Introducing a digitized process of risk management increases employee engagement and makes it easy for business leaders to integrate risk-awareness in their business strategies.
  • Improve visualization of data – Utilizing visual dashboards and analytics not only eases the tracking process of listed risks, but also enhances the quality of information and reports, as well as the way they are understood by relevant stakeholders. This ensures that appropriate actions are taken to solve the problems causing the risks or reduce the number and severity of risks.
  • Enhance workflows – A digitized system efficiently implements the process of assigning, monitoring, tracking, solving, and archiving all the steps and information involved in managing risks for businesses.

Customer Success Story

See how Cricket Australia—Australia’s national men’s cricket team—uses SafetyCulture to efficiently manage risks in every cricket match under their control. Using SafetyCulture, CA developed safety protocols to observe during games, and built mobile checklists to ensure a safe management of fireworks throughout the event. Although risk management is considered a newer concept for sports, it is evident that utilizing new technologies such as SafetyCulture increases the chance of organized and safe sport matches.

“Once we saw what SafetyCulture could do for pyrotechnic safety, we started rolling it out to all the other safety checks we perform. Then our events team saw the efficiency gains and rolled it out to their department as well.”

                                                             – Ash Hepburn, Risk Analyst with Cricket Australia

SafetyCulture Content Specialist

Jaydee Reyes

Jaydee Reyes is a content writer and researcher for SafetyCulture. Her six-year experience in the field of data research and media monitoring adds expertise and quality to her work. She is also a champion of leveraging technology to promote a culture of safety in workplaces around the world. As a content specialist, she aims to help companies adapt to digital changes through interesting and informational articles.

Jaydee Reyes is a content writer and researcher for SafetyCulture. Her six-year experience in the field of data research and media monitoring adds expertise and quality to her work. She is also a champion of leveraging technology to promote a culture of safety in workplaces around the world. As a content specialist, she aims to help companies adapt to digital changes through interesting and informational articles.

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